Yes, you need to show it. Do the IRA contributions first. The program will figure out there is a problem. Then, do the IRA distribution. If you do distribution first, you get a mess and must delete.
The IRS gets a statement showing your year end value from the brokerage. You need to input the amounts that match up and make sense.to them. You have to tell the whole story in your tax return.
@MOma42
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